Securitize Reports $18.6M Quarterly Revenue in First Report as Public Company

Securitize posted $18.6 million in third-quarter revenue, up 13% year-over-year and the second-largest quarterly figure in the tokenization firm's history, according to results announced Nov. 9 for the quarter ended Sept. 30 — its first reporting period as a public company.

Revenue climbed 29% from the second quarter. Tokenization revenue of $11.5 million rose 28% year over year, while asset servicing declined 6% to $7.2 million. Management attributed the asset-servicing drop on the earnings call to lower fund administration and accounting fees.

"We are very pleased with our results for the third quarter of 2026, our first reporting period as a public company," CFO Francisco Flores said. Nine-month revenue reached $52.5 million, up 15%, the company's best first nine months on record.

What's driving the numbers?

Average tokenized assets hit a company record of $5 billion, up 39%. Total tokenized assets rose 9% to $4.8 billion as of Sept. 30, and total transaction volume climbed 20% to $4.3 billion.

Securitize Fund Services administered 669 active funds holding $25.2 billion in assets — a 29% decline from the prior level.

CEO Carlos Domingo pointed to new tokenized products launched by ARK Invest, BlackRock and Neuberger, calling them "the clearest sign yet that institutions are past the experimenting stage." On the call, Securitize restated its full-year 2026 revenue guidance of $70 million to $80 million.

Buyback and the River One deal

The board authorized buybacks of up to $50 million of common stock on Nov. 6. The program is funded from existing cash and runs through Dec. 31, 2027.

Securitize also agreed to acquire River One, an institutional asset-backed financing platform that uses the stablecoin economy. River One, backed by Maple Finance, was incubated by Framework Ventures. The deal adds warehouse financing to Securitize's tokenization stack and is expected to close in Q4 2026. Terms were not disclosed, and management does not expect a material impact on fourth-quarter results.

The company held roughly $300 million in cash and cash equivalents with no debt at quarter's end.

Where's the loss coming from?

The quarter still closed with a net loss of $66.3 million, or $0.41 per diluted share. About 90% of that — roughly $60 million — came from largely non-cash charges tied to the business combination, the NYSE listing and warrant-related expenses. Securitize reported net income from continuing operations of $8.6 million a year earlier.

Adjusted EBITDA came in at a $2 million loss, a 64% improvement from the second quarter, though the year-earlier figure was positive $3.6 million.

Shares closed at $6.97 on Monday, up 0.1%, and traded at $7.88 after hours, up 13.1%.

Cyberattack and the tokenization ad war

The quarter's aftermath hasn't been entirely clean. Securitize Japan was targeted in a cyberattack that exposed data on customers of Sony Bank, NTT Data and Marui Group. Sony Bank froze trading of its digital securities, and Marui said as many as 9,086 digital bond applicants were affected.

Domingo also pushed back publicly on tokenization skeptics, calling a full-page Wall Street Journal ad against stock tokenization "misleading" in late October.

With the River One acquisition expected to close in Q4 2026 and the $50 million buyback running through the end of 2027, Securitize's next test as a public company is whether it can hold full-year revenue inside its $70–80 million guidance while absorbing the fallout from the Japan breach.